The Fed has no choice but to punish the stock market

The recent bounce in stocks will only harden Powell's plans to hammer investors. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Monday, Jul 25

Today's newsletter is by Brian Sozzi, an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. ‌ It cost me $58 to get my car cleaned on Saturday. ‌ And before you pummel me on Twitter, no, this did not include a hand wax and a voucher for a free appetizer at the local steakhouse. This was just a straight wash with a shine-up of the interior and a tip. ‌ As I drove away, I laughed knowing that the experience was going in the Morning Brief newsletter. ‌ This wash followed my road trip to DC last week to cover the Goldman Sachs 10,000 Small Businesses Summit — where it cost Yahoo Finance $502.34 to put me up for a one-night stay in a zero-frills Hilton. ‌ I had a bed, a TV, a bathroom, a place to sit, and paid separately for Wifi. No mints on the pillow or free water bottles — apparently the water bottles are for Hilton rewards members. ‌ My takeaway from all this is that inflation remains out of control and is not being captured effectively in CPI/PPI releases. Which is a terrible state for the economy to be in if you are a stock market bull. ‌ And I am not alone in sensing the unrelenting nature of this major economic headwind, either.

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"I've really seen, watched, and experienced through the eyes of our clients the growing imprint of inflation on economic activity around the world," Goldman Sachs chairman and CEO David Solomon told me at the aforementioned event. “And [inflation is] a big headwind. And so I think that headwind creates caution. I said this yesterday on my earnings call that inflation is deeply entrenched." ‌ When I look at the markets right now, investors appear to be forgetting this state of affairs. ‌ The Nasdaq Composite and S&P 500 are up a hearty 7.3% and 4.5%, respectively, so far in July as traders place bets on a less hawkish Federal Reserve and no recession in 2023. Shares of meme stock darlings GameStop (GME) and AMC (AMC) have jumped 17% and 14.5%, respectively, so far this month. ‌ Sure, the Fed isn't likely to lift rates by 100 basis points this Wednesday, as was speculated a few weeks ago. But a 75 basis point rate hike this week is nothing to sneeze at — especially if it comes with a presser from Fed Chair Jerome Powell that strongly signals another 75 basis point increase at the Fed's September meeting. ‌ "We think the Fed judges that activity is resilient and remains focused on upside inflation risk management," Evercore ISI strategist Krishna Guha wrote in a note to clients. "We expect something of a disconnect between the abruptly more optimistic tone in markets on the inflation outlook and the posture the Fed will take at the meeting." ‌ Guha adds: "We think Powell will strike a stern tone on recent price developments and – while acknowledging some more positive forward-looking developments – will pour cold water on the notion that we are anywhere close to accumulating clear and convincing evidence that inflation is moderating." ‌ Powell knows I am paying $58 for a basic car wash and $500 for a no frills stay at a Hilton. He knows folks like Solomon are saying inflation has become deeply entrenched. ‌ And it doesn't seem like these facts will move the Fed chair to change course. ‌ All of which leaves me feeling like the market isn't prepared for the medicine the Fed is poised to deliver. ‌ Happy Trading!

Markets

Note: Data is as of the time of opening this email. To view real-time markets data click here.

What to Watch Today Economy 8:30 a.m. ET: Chicago Fed national activity index, June (0.01 during prior month) 8:30 a.m. ET: Dallas Fed manufacturing business index, July (17.7 during prior month) ‌ Earnings Whirlpool (WHR), Squarespace (SQSP), TrueBlue (TBI), F5 (FFIV), Alexandria Real Estate Equities (ARE), Ryanair (RYAAY), NXP Semiconductor (NXPI), Newmont Corporation (NEM)

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Jobs Today, Finance and General News in Nigeria and Worldwide Edit Unfollow Corporate Communications Officer at WTS Energy by Editor Jul 25, 2022 WTS Energy provides recruitment and manpower services for the global oil and gas and energy industries. We supply engineers and consultants to our clients’ projects [...] The post Corporate Communications Officer at WTS Energy appeared first on Jobs Today. Continue Reading HSE Manager at Bristow Helicopters by Editor Jul 25, 2022 Bristow Helicopters is a British helicopter airline originally based at Aberdeen Airport, Scotland, part of the Bristow Group (NYSE: BRS, S&P 600 component) based in [...] The post HSE Manager at Bristow Helicopters appeared first on Jobs Today. Continue Reading Direct Sales Business Partner at United Bank for Africa Plc (UBA) by Editor Jul 24, 2022 United Bank for Africa Plc (UBA) is one of Africa’s leading financial institutions, with operations in 19 African countries and 3 global financial centres: London, [...] The post Direct Sales Business Partner at United Bank for Africa Plc (UBA) appeared first on Jobs Today. Continue Reading Access Bank Entry Level Recruitment by Editor Jul 24, 2022 Access Bank has about 366 branches and service outlets fully operations across different locations in Nigeria and it is a a full service commercial bank. [...] The post Access Bank Entry Level Recruitment appeared first on Jobs Today. Continue Reading Reasons to apply for Graduate Trainee programs by Editor Jul 24, 2022 You must have seen some adverts by companies for Graduate Trainee programs. In this post we shall be discussing reasons to apply for these programs. [...] The post Reasons to apply for Graduate Trainee programs appeared first on Jobs Today. Continue Reading Sales Administrator at ConSol by Editor Jul 24, 2022 ConSol is the premier provider of Contact Centre Services and Business Process Outsourcing (BPO) Customer Management Solutions (CMS) in Nigeria. Our corporate vision as part [...] The post Sales Administrator at ConSol appeared first on Jobs Today. Continue Reading Relationship Manager, Advantage Banking at Ecobank by Editor Jul 24, 2022 Ecobank Transnational Incorporated (ETI), a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by [...] The post Relationship Manager, Advantage Banking at Ecobank appeared first on Jobs Today. Continue Reading

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Jobs in Nigeria Today: “Direct Sales Business Partner at United Bank for Africa Plc (UBA)” plus 9 more

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• Direct Sales Business Partner at United Bank for Africa Plc (UBA)
• Access Bank Entry Level Recruitment
• Reasons to apply for Graduate Trainee programs
• Sales Administrator at ConSol
• Relationship Manager, Advantage Banking at Ecobank
• Airport Facilitator at the British High Commission Nigeria
• Immigration Liaison Officer at the British High Commission in Nigeria
• Cash and Trade Processing Representative at Citibank Nigeria Limited (CNL)
• Entry Clearance Assistant AA at the British High Commission (BHC) Nigeria
• PanAfrican Capital Holdings Limited (PAC Holdings) Academy Graduate Trainee Programme 2022

Direct Sales Business Partner at United Bank for Africa Plc (UBA) Posted: 24 Jul 2022 11:02 AM PDT United Bank for Africa Plc (UBA) is one of Africa’s leading financial institutions, with operations in 19 African countries and 3 global financial centres: London, [...] The post Direct Sales Business Partner at United Bank for Africa Plc (UBA) appeared first on Jobs Today.

Access Bank Entry Level Recruitment Posted: 24 Jul 2022 10:55 AM PDT Access Bank has about 366 branches and service outlets fully operations across different locations in Nigeria and it is a a full service commercial bank. [...] The post Access Bank Entry Level Recruitment appeared first on Jobs Today.

Reasons to apply for Graduate Trainee programs Posted: 24 Jul 2022 10:40 AM PDT You must have seen some adverts by companies for Graduate Trainee programs. In this post we shall be discussing reasons to apply for these programs. [...] The post Reasons to apply for Graduate Trainee programs appeared first on Jobs Today.

Sales Administrator at ConSol Posted: 24 Jul 2022 07:32 AM PDT ConSol is the premier provider of Contact Centre Services and Business Process Outsourcing (BPO) Customer Management Solutions (CMS) in Nigeria. Our corporate vision as part [...] The post Sales Administrator at ConSol appeared first on Jobs Today.

Relationship Manager, Advantage Banking at Ecobank Posted: 24 Jul 2022 06:26 AM PDT Ecobank Transnational Incorporated (ETI), a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by [...] The post Relationship Manager, Advantage Banking at Ecobank appeared first on Jobs Today.

Airport Facilitator at the British High Commission Nigeria Posted: 23 Jul 2022 06:52 PM PDT The British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality and challenge discrimination, enhancing our organisational capability. We welcome and encourage [...] The post Airport Facilitator at the British High Commission Nigeria appeared first on Jobs Today.

Immigration Liaison Officer at the British High Commission in Nigeria Posted: 23 Jul 2022 05:51 PM PDT The British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality and challenge discrimination, enhancing our organisational capability. We welcome and encourage [...] The post Immigration Liaison Officer at the British High Commission in Nigeria appeared first on Jobs Today.

Cash and Trade Processing Representative at Citibank Nigeria Limited (CNL) Posted: 23 Jul 2022 09:18 AM PDT Citibank Nigeria Limited (CNL) was incorporated in Nigeria on May 2, 1984 and the oldest international bank in the country. It provides a wide range [...] The post Cash and Trade Processing Representative at Citibank Nigeria Limited (CNL) appeared first on Jobs Today.

Entry Clearance Assistant AA at the British High Commission (BHC) Nigeria Posted: 23 Jul 2022 07:06 AM PDT The British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality and challenge discrimination, enhancing our organisational capability. We welcome and encourage [...] The post Entry Clearance Assistant AA at the British High Commission (BHC) Nigeria appeared first on Jobs Today.

PanAfrican Capital Holdings Limited (PAC Holdings) Academy Graduate Trainee Programme 2022 Posted: 23 Jul 2022 06:28 AM PDT PanAfrican Capital Holdings Limited (PAC Holdings) is a Proprietary Investment Company with a special focus on key sectors across emerging and frontier markets in Africa: [...] The post PanAfrican Capital Holdings Limited (PAC Holdings) Academy Graduate Trainee Programme 2022 appeared first on Jobs Today.

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